Following the city council approval of the Memorandum of Understanding (MOU) with American Life, Inc., the city of Peoria took the next step in making the vision of Stadium Point at P83, a transformative, vertical, mixed-use development, a reality. Now the city and American Life will focus on further negotiations and work on details to finalize a development agreement.
“The P83 Entertainment District is a tremendous point of pride for our city and we have worked strategically over the last few years to position this area for long-term success,” says Mayor Cathy Carlat. “This MOU gives us a peek into the endless possibilities of our future, where residents have greater access to quality employment, retail, and dining opportunities; and we are thrilled to stand alongside American Life to enhance the vibrancy of this district.”
In October 2019, the city of Peoria issued a request for proposal (RFP) for an experienced master developer to convert 17 acres of city-owned land near the Peoria Sports Complex, known as Stadium Point at P83. Located in the P83 Entertainment District, just southeast of 83rd Avenue and Bell Road, the site represents a high profile, strategic development for the city and the entire region. The city envisions a vertical, mixed-use development with mid-rise to high-rise Class A office space as a key economic driver. The Stadium Point project will be a catalyst for the entire P83 district, bringing multimodal connectivity and future ready companies to a district that will be known as an innovative, financial, technological, educational, and entertainment corridor.
The city’s RFP required developers to include Class A office space, a full service hotel, vertically integrated multifamily residential, signature retail and dining, and considerations for the Peoria Sports Complex and Major League Baseball spring training operations that will be finished in multiple phases. The project is expected to be more than one million square feet when complete. After a competitive and extensive evaluation process, the city selected American Life’s proposal to move forward with further negotiations and the development agreement process. American Life specializes in real estate development, developing, financing and managing properties across major markets in the United States.
“We are delighted to partner with the city to develop the Stadium Point site. The complex will create a mix of uses combining Class A office, hotel, multifamily, and retail that is unique to the area,” says Greg Steinhauer, president of American Life. “The live, work, and play experience will bring unparalleled amenities to the Peoria market, create high quality jobs, enhance the sports complex, and set a new standard for offerings available to visitors, sports fans, residents and businesses in the Peoria community.”
Under this Stadium Point MOU, the city of Peoria and American Life have six months to negotiate provisions of a development agreement. In that time, land, infrastructure, public improvements, financing options, a master plan, project milestones and timeline will be discussed.
“The Stadium Point project represents a key site and development, envisioned as a ‘game-changer’ for the city of Peoria and the entire region,” says Rick Buss, Peoria’s director of economic development services.
“This innovative, mixed-use project is led by the construction of Class A office space, significantly augmenting the city’s vision to attract world class, sustainable, and future-ready companies contributing to the overall prosperity of the city. We welcome American Life in fulfilling this vision.”
For more information about the Stadium Point project or other premier sites in Peoria, visit peoriaed.com.